Florida-based property and casualty insurer Universal Insurance has announced the appointment of Sean P. Downes as Executive Chairman, effective July 15.
Downes has spent over 20 years as an executive of Universal, and the past six years as Chairman and Chief Executive Officer.
Current Chief Operating Officer, Stephen J. Donaghy, has been appointed to succeed Downes as the new CEO.
â€œI look forward to continuing my involvement with strategic decision making in my capacity as the Executive Chairman,â€ said Downes.
â€œSteve has been a key member of our management team for the past 13 years, and I look forward to continuing to work closely with him, Jon Springer, President, Frank Wilcox, CFO and Kimberly Campos, CAO/CIO, who will all remain in their current roles.â€
â€œWith our strong leadership, execution of our strategic priorities, and a solid second quarter of 2019, I believe our Companyâ€™s future is brighter than ever.â€
Michael Pietrangelo, Lead Director of the Board, said, â€œWe look forward to Seanâ€™s continued leadership as Executive Chairman. Steve is a strong leader with deep knowledge of our business. The Board looks forward to working with Steve in his new capacity as CEO, and with the outstanding Universal team.â€
Donaghy added, â€œIt is a privilege to take on this new role and to continue to work with our tremendous team and partners.â€
â€œWe will continue to execute on the Companyâ€™s strategic initiatives, further strengthen our foundation, and I will work closely with Sean, our executive leadership team, and the rest of our Board to continue creating value for our shareholders.â€